Subcontractor Default - Cove Programs

Subcontractor Default Insurance is a highly specialized product providing coverage to general contractors for direct and indirect costs of subcontractor defaults.

Our SDI product is aimed at general contractors with annual volumes of $50 million to $2 Billion of annual construction value.

SDI was developed as a response to GC’s issues with subcontractor bonds and the delays and lack of control when a default happens. SDI puts the general contractor in control of any subcontractor default allowing it to make decisions in the best interests of the project.

We meet with every GC’s key management team to understand their business processes and design the best possible program for their business.

The Cove product

Indemnification coverage
2 year policy
Per Loss Limit up to $50,000,000
Policy Aggregate Limit up to $150,000,000
Indirect Cost Limit of $5,000,000
Minimum SIR of $625,000 and flexible co-pay options
Post completion coverage of up to 10 years on most projects

The cove commercial client

Annual Subcontract volumes of at least $50 million
Commercial General Contractors in the U.S., its territories/possessions, & Canada
Multi-Family Residential
Industrial/Manufacturing
Office/Retail Structures
Transportation
Commercial
Senior Living
Hospitality
Healthcare facilities
Government offices and facilities
Educational structures/schools/religious